TotalEnergies Acquires Shell’s European On-shore Renewables Portfolio

On August 3, TotalEnergies announced two linked European transactions. It will acquire Shell’s on-shore renewable business—assets in Italy, the Netherlands, Spain and the United Kingdom—comprising roughly 0.5 GW of operational or under-construction solar and wind capacity and a 3.5 GW pipeline, together a 4 GW portfolio. The second deal is a farm-out of a 50 % stake in a separate 1.2 GW on-shore solar-wind portfolio to KKR, valued at €1.8 billion. Both transactions await regulatory approval and are expected to close by the end of 2026. Financial terms for the Shell acquisition were not disclosed.

Oil & Gas Journal

Shell is shifting toward “asset-backed power trading” and flexible generation, divesting low-margin renewables while keeping LNG and upstream assets. TotalEnergies is pursuing an “Integrated Power” strategy that expands renewable generation in deregulated European markets and recycles capital through partial asset sales. The deals come as TotalEnergies faces a French court order to align its business with climate-goal targets and reassesses its 2050 net-zero plan.

Shell to sell European onshore renewables business to TotalEnergies

• Shell assets sold: 500 MW operational/under-construction; 3.5 GW pipeline.

Shell is selling its European solar and wind farms to TotalEnergies

• Geographic spread: Italy, the Netherlands, Spain, United Kingdom (Shell); Germany, Spain, France, Poland (KKR-farmed portfolio).

Shell’s Renewable Sale to TotalEnergies Shows Europe’s Green Assets Are Being Recycled

• TotalEnergies’ European renewables footprint: nearly 10 GW installed or under construction; 27 GW in development.

ESG Dive

• Valuation of KKR deal: €1.8 billion (? $2 billion).

Shell’s Renewable Sale to TotalEnergies Shows Europe’s Green Assets Are Being Recycled

• Target return: 12 % ROACE for Integrated Power by 2030.

TotalEnergies Acquires Shell’s European Onshore Renewables Business

He added that the deal complements the flexible generation capacity of TotalEnergies’ joint venture with EPH, particularly in Italy, the Netherlands and the United Kingdom.

Oil & Gas Journal

• “The acquisition of Shell's onshore renewables assets in Europe strengthens our power generation positions in selected key deregulated markets across Europe and supports the implementation of our integrated strategy across the electricity value chain,” — Stéphane Michel, TotalEnergies president of gas, renewables and power

Oil & Gas JournalTotalEnergies expands European renewables portfolio with Shell acquisition, KKR partnership ESG DiveShell to sell European onshore renewables business to TotalEnergies TotalEnergies Acquires Shell’s European Onshore Renewables Business Shell Sells 0.5 GW European Renewable Energy Portfolio to TotalEnergies as Asset Strategy Shifts Toward Power Trading Major deal sealed! TotalEnergies acquires Shell's New Energies business, selling 50% equity in assets.

Sources differ on how the total size of Shell’s European renewable business is described. Some outlets label the acquisition as a 4 GW portfolio (including pipeline), while others focus on the 0.5 GW of operational or under-construction capacity. Both figures are accurate but emphasize different components. Financial terms for the Shell purchase remain undisclosed, leaving its valuation unclear.

Shell Sells 0.5 GW European Renewable Energy Portfolio to TotalEnergies as Asset Strategy Shifts Toward Power Trading

The asset rotation illustrates a broader trend: oil majors are reallocating capital toward high-return renewable projects and partnering with infrastructure investors for mature assets. By acquiring a sizable pipeline, TotalEnergies expands its market share in Southern and Western Europe, while the KKR partnership provides immediate cash flow and reduces capital exposure on built projects. The transactions shape both companies’ ability to meet European policy targets and secure financing under tighter capital-discipline conditions.

Shell’s Renewable Sale to TotalEnergies Shows Europe’s Green Assets Are Being Recycled

Both deals require regulatory clearance and are slated for completion by the end of 2026. TotalEnergies plans to redeploy proceeds from the KKR farm-out into new renewable development, supporting its 12 % ROACE goal by 2030. Shell is expected to continue focusing on power-trading, flexible generation and customer-centric energy services as outlined in its 2025 Capital Markets Day strategy.

Shell Sells 0.5 GW European Renewable Energy Portfolio to TotalEnergies as Asset Strategy Shifts Toward Power Trading